Redevelopment Land with Operating
For Sale
$735,000
515 Rockland Road, Lake Bluff, IL 60044
Redevelopment parcel with operating pub, offering substantial frontage on two roads and existing commercial zoning in place.
Property Size2,100 SF
Lot Size0.21 Acres
Days on Market181
Property Features for 515 Rockland Road
General Information
Standard status
Active
Size
2,100 SF
Lot size
0.21 Acres
Property subtype
Business Opportunity
Zoning
COMMR
Additional Details
Road Access
Yes
Amenities
Central Air
Building Details
Building Size
2,100 SF
Stories
2
Listing Agency:
E- Signature Realty
Listed By:
Michael Crawford · License #475.204642
(224) 428-4270
Source:
Evrealestate
Added: Apr 11
Changed: Sep 25
Last Checked: Oct 7 at 12:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of E- Signature Realty
Investment Insights
Based on property information with market context.
Redevelopment land offered with Donelli’s Pub currently open and operating as a restaurant and pub. The offering includes a 9,360-square-foot parcel with approximately 80 feet of frontage on Route 176 (Rockland Road) and approximately 117 feet of frontage on Shagbark Road.
The property is located in unincorporated Lake Bluff, under current Lake County zoning, and is described as having general commercial and residential zoning in place. The buyer could voluntarily annex into the Village of Lake Bluff, where the remarks indicate the village may offer financial incentives.
Recent development across Route 176 (Rockland Road) includes new Target and Chase Bank plus retail strip malls, and an adjacent Northwestern Medicine building that sold in 2021 is also referenced as being directly across the street. The seller notes the value is in the land and indicates this offering is part of a larger eight-parcel assembly of contiguous properties totaling 2.75 acres, with possible rezoning to commercial or residential uses for all parcels.
The property is located in unincorporated Lake Bluff, under current Lake County zoning, and is described as having general commercial and residential zoning in place. The buyer could voluntarily annex into the Village of Lake Bluff, where the remarks indicate the village may offer financial incentives.
Recent development across Route 176 (Rockland Road) includes new Target and Chase Bank plus retail strip malls, and an adjacent Northwestern Medicine building that sold in 2021 is also referenced as being directly across the street. The seller notes the value is in the land and indicates this offering is part of a larger eight-parcel assembly of contiguous properties totaling 2.75 acres, with possible rezoning to commercial or residential uses for all parcels.
Key Highlights
- 9,360 SF parcel for redevelopment at 515 Rockland Road, Lake Bluff, IL
- 80 ft frontage on Route 176 (Rockland Road) and 117 ft frontage on Shagbark Road
- Donellis Pub is currently open and operating as a restaurant and pub (please do not disturb)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,658
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$773,160
$773.2K
Cap Rate 7%
$552,257
$552.3K
Cap Rate 9%
$429,533
$429.5K
Market Conditions
NOI Build-Up for 2,100 SF
Gross rent
$52.9K $25.20/SF
− Vacancy
−$1.4K −$0.66/SF
EGI
$51.5K $24.54/SF
− OpEx
−$12.9K −$6.14/SF
NOI
$38.7K $18.41/SF
Area
Lake County, IL
Vacancy
2.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$773,160
Cap Rate 7%
$552,257
Cap Rate 9%
$429,533
Alternative Uses
Best Use
Specialty Retail
$552.3K
$483.2K – $644.3K
NOI $38,658 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$725.0K
$634.4K – $845.9K
NOI $50,752 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
828
Businesses Nearby
176k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Superstores 31%
Shops & Services 17%
Groceries 10%
Target
Superstores
54,029 visits/mo
0.3 miles
Heinen's Grocery Store
Groceries
18,016 visits/mo
0.3 miles
McDonald's
Dining
15,986 visits/mo
0.5 miles
Shell
Shops & Services
13,905 visits/mo
0.4 miles
Starbucks
Dining
10,138 visits/mo
0.5 miles
Demographics for 60044, IL
10,244
Population
4,599
Households
2.2
Avg Household Size
43
Median Age
67%
College-Educated
95%
High-School Grad
6.8 sq mi
ZIP Area
1,506
Density / Sq Mi
$127,546
Median Household Income
$81,694
Median Earnings
$1,672
Median Rent
$568,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Commercial land - Redevelopment parcel with operating pub, offering substantial frontage on two roads and existing commercial zoning in place.
Where is this commercial land located?
The property is located at 515 Rockland Road Lake Bluff, IL.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: 9,360 SF parcel for redevelopment at 515 Rockland Road, Lake Bluff, IL; 80 ft frontage on Route 176 (Rockland Road) and 117 ft frontage on Shagbark Road; Donellis Pub is currently open and operating as a restaurant and pub (please do not disturb)
